https://www.taxtmi.com/caselaws?id=102631 The court held that the Unit Trust of India (UTI) is a mutual fund but is not governed by the SEBI (Mutual Funds) Regulations, 1993. UTI is excluded from the SEBI guidelines and regulations as it is a statutory mutual fund and not structured as a trust. The court agreed that the investment restrictions in Schedule VI of the SEBI Regulations do not apply to UTI. UTI is not restricted by the SEBI regulations from owning more than 5% of a company's paid-up capital. The court also ruled that the Company Law Board (CLB) can interfere with the board of directors' decisions and direct registration of transfers, even if made bona fide. The appeal was dismissed, upholding the CLB's decision. en-us Fri, 16 Sep 1994 00:00:00 +0530 Wed, 15 Feb 2012 15:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102631 The court held that the Unit Trust of India (UTI) is a mutual fund but is not governed by the SEBI (Mutual Funds) Regulations, 1993. UTI is excluded from the SEBI guidelines and regulations as it is a statutory mutual fund and not structured as a trust. The court agreed that the investment restrictions in Schedule VI of the SEBI Regulations do not apply to UTI. UTI is not restricted by the SEBI regulations from owning more than 5% of a company's paid-up capital. The court also ruled that the Company Law Board (CLB) can interfere with the board of directors' decisions and direct registration of transfers, even if made bona fide. The appeal was dismissed, upholding the CLB's decision. Case-Laws Companies Law Fri, 16 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102631